Fears grow of CDO fire sale


Downgrades of collateralised debt obligations (CDOs) have already wiped out much of the demand for mortgage securities on which issuers have relied for the past several years. Now fears are growing that investors in CDOs might begin to liquidate these vehicles, forcing a fire sale of assets that will further depress values. By mid December 2007, the credit ratings agencies had issued thousands of CDO rating downgrades with more than 2,000 CDOs downgraded in November alone. The effect of this on

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